TeraWulf (WULF) Q4 2025 earnings summary

Executive summary

• Achieved 522 MW of leased/contracted critical IT capacity in 2025, securing over $12.8 billion in long-term revenue and building a 2.4–2.9 GW HPC platform across multiple sites.

• Transitioned to a power-backed AI infrastructure platform, acquiring Beowulf E&D, expanding into Kentucky and Maryland, and scaling construction, origination, and cybersecurity teams.

• Signed major long-term leases, including 450 MW with Fluidstack (Google-backed), 366 MW at Lake Mariner, and 168 MW at Abernathy JV, with Google as the largest shareholder.

• Delivered multiple data center buildings, commenced recurring HPC lease revenue, and established a repeatable project financing model.

• Focused on disciplined execution, robust pipeline, and strong customer demand, targeting 250–500 MW of contracted capacity annually through the decade.

Financial highlights

• Secured over $12.8 billion in HPC lease agreements and $6.5 billion in debt and equity-linked financing in 2025.

• Full-year 2025 revenue was $168.5 million, with digital asset revenue at $151.6 million and HPC lease revenue at $16.9 million.

• Q4 2025 revenue was $35.8 million (down 29% QoQ), with HPC lease revenue up 35% to $9.7 million.

• GAAP net loss for 2025 was $661.4 million, primarily due to non-cash fair value adjustments and depreciation; adjusted EBITDA was negative $23.1 million.

• Cash and restricted cash at year-end totaled $3.7 billion; total assets $6.6 billion, liabilities $6.4 billion.

Outlook and guidance

• Multi-year development pipeline targets annual delivery of 250–500 MW of critical IT capacity through the end of the decade, with all necessary sites secured.

• Entering 2026 with 522 MW contracted and a gross 2.4–2.9 GW multi-regional platform for long-term expansion.

• Confident in long-term value of Kentucky and Maryland assets, with strong state and local support.

• Fixed operating cost guidance for 2026 is $100–125 million, with SG&A at $75–100 million and convertible interest at $24 million.

• No anticipated need for additional equity to fund currently contracted development.